All Forum Posts by: Jeff Smith

@James Mcsweeney burst pipes and the subsequent damage should be covered by homeowners insurance. We had 15 properties with burst pipes, but didn't file any claims on this situation. What is insurance telling you? 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $179,000
Cash invested: $46,000

Just adding my tri-plex to my investment list. It's 2 apartments and a SFH.

What made you interested in investing in this type of deal?

The cashflow was appealing on the deal. Currently all units are renting for $2900.

How did you find this deal and how did you negotiate it?

I found the deal on Zillow listed FSBO.

How did you finance this deal?

Hard money financing.

How did you add value to the deal?

Remodeled an apartment and the SFH to make ready.

What was the outcome?

The property costs $1650/mo to maintain and rents total $2900 currently with the ability to raise rents to $3050 total in the near future.

Lessons learned? Challenges?

Long term tenant thinks she runs the property, so needed to do some level setting.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

N/A

I think that is an awesome education for your daughter and plan on doing the same for all of my children when they get a bit older. My oldest is 7 now. If your daughter shows a lot of interest, I'm sure your wife will come around. 

@Daniel Hyman

Thanks Daniel I use QBO for another business I own and I find it easy to use. I was just checking if that would be my best option on this side of things as well. Thanks.

I have a small portfolio, but am trying to systemize this from the beginning, so I'm looking for the best software for expense tracking by property. What's everyone using? I have 5 houses currently.

Great info Sharon. Thank you.

@Erick Harbert I'd be interested in hearing more about the 20 unit. Thank you.

@Shedrick Nettles I would like the info on you sources of financing in these deals, looking to do one next month. Quicken Loans seems to have good rates and seem to be good to work with. I am looking to do this on my primary residence that I have renovated, does that change the equation at all, since most of the thread is referring to COR on investments.